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What is effective rate of protection (ERP)? You are given the following information relating to the motor car industry: The cost of imported input to

What is effective rate of protection (ERP)? You are given the following information relating to the motor car industry: The cost of imported input to the price of a motor car in the absence of tariff is 0.7; and the nominal tariff rate on the imported inputs is 0.05. Find and interpret the ERP if nominal tariff on the car import is 0, 0.05, and 0.1

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